 "Housing, China's housing")
Ajmera Realty & Infra India Ltd on Tuesday said it will redevelop a housing society at Versova in Mumbai and is expecting to generate Rs 360 crore revenue from this project.
In a regulatory filing, the Mumbai-based company informed that it has undertaken "redevelopment of Balkrishan Co-operative Housing Society based in Versova."
The redevelopment is estimated to generate sales of around Rs 360 crore and will primarily comprise 3 BHK residential apartments, it added.
Redevelopment and repurposing old housing societies into modernized residential asset classes has gained significant prominence in MMR, thus opening doors to newer opportunities backed by redefined interest from homebuyers," Dhaval Ajmera, Director of Ajmera Realty, said.
This redevelopment project represents a strategic step towards achieving the 5x growth through joint venture / joint development agreement/ low capex acquisition via inorganic strategy, he added.
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